Dealers flipped to short gamma: net SPY GEX now −$50.4M.
Beyond the lead, Software led three-month relative strength at +14.3% with Semiconductors at -15.1%; 58% of S&P names hold their 200-day.
The S&P 500 closed at 7,620. Under the surface, 58% of index members are above their 200-day moving average and 38% are above their 50-day. SPY itself holds 6.8% above its own 200-day, keeping the long-term trend gate on. New 52-week lows outnumber new highs 10 to 6. Volatility is unremarkable, with the VIX at 17.1.
On the options side, net GEX on SPY sits at −$50.4M across tracked expiries — a dealer-short-gamma read on delayed CBOE data. The call wall stands at $761 with the put wall at $755. Into the 2026-09-15 expiry, the straddle implies a SPY move of about ±$3.9, or ±0.51%. For QQQ the same horizon prices ±0.71%.
Across sectors, Software (IGV) leads on three-month relative strength versus SPY at +14.3%, with Energy next at +9.8%. Semiconductors (SMH) brings up the rear at -15.1%; Utilities is next-weakest at -8.1%.
This note is auto-generated from Tapelab's nightly market data. It reports what the data said on the date above — research commentary, not investment advice.